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  • ZISK

USDA Issues WASDE Report for July – All Milk Price Estimate for 2023 Lowered to $19.55

In the USDA’s World Agricultural Supply and Demand Estimates (WASDE) issued July 12, the milk production forecast for 2023 is unchanged from last month. The milk production forecast for 2024 is reduced from last month, based on lower dairy cow inventories and slower growth in milk per cow. For 2023, exports are reduced on both a fats and skim-solids basis. Fats basis exports are lowered primarily reflecting lower butter and cheese shipments. Skim-solids basis exports reflect lower exports of whey products as well as a number of other dairy products; however, these declines are partially offset by higher nonfat dry milk (NDM) exports. For 2024, fat basis exports are reduced as weakness in butter sales is expected to carry into the next year. Skim-solids basis export reductions are largely due to lower expected lactose exports. Imports on a fat basis for 2023 are unchanged with largely offsetting changes for a number of products, but skim-solids imports are lowered on lower milk protein concentrates. For 2024, imports on both a skim-solids basis and a fat basis are lowered slightly.

July 18, 2023



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